Yvonne T. Griffin
Tucker Griffin Barnes, Charlottesville Attorneys1-434-973-7474Monday - Friday, 9am to 5pm
Hospital and Home Visits Available
Charlottesville Personal Injury Lawyer
- Auto Accident
- Charlottesville Personal Injury Attorney
- Charlottesville Personal Injury Lawyer
- Crozet Personal Injury Attorney
- Fluvanna Personal Injury Attorney
- Fork Union
- Gordonsville Attorney
- Motorcycle Accident
- Personal Injury
- Sexual Assault
- Truck Accident
- Virginia Personal Injury Attorney
- Virginia Personal Injury Lawyer
- Wrongful Death
And now the Legal Disclaimer:
The information in this blog is based only on Virginia law and is not meant to apply in any other state. If you have questions regarding the laws in another state, please contact an attorney who is licensed to practice in that state. This information is also very general in nature. Every case is unique. Please consult with a Virgina attorney for the specfic details of your case.
The use of the Internet or this blog for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form. Thank you.
The listing price, as agreed to between the realtor and the seller, reflects what they believe is the current market value. This listing price in our current climate should not be too high or there is no activity. This can especially be harmful for short sales when a foreclosure is pending.
With a short sale, the listing price is extremely important. The listing price needs to be part of an overall short sale strategy. One important factor is how delinquent the seller is with their loan payments. Another factor is whether a foreclosure is pending. Finally, the short sale lender may not want the initial listing price to be too low.
One thing to remember is that a contract at a “full price” offer does not necessarily mean a successful short sale. Unfortunately, the short sale lender will obtain their own opinion as to the value of the property. This opinion will be in the form of either an appraisal or a BPO (broker price opinion).
If the lender’s BPO is significantly higher than the contract price, then the short sale will probably not be approved. Should an unrealistic BPO cause such a problem, there are methods of challenging the value, but it is an uphill battle.
There are some short sale lenders, which if given enough advance notice, will predetermine what listing price they will approve. FHA and some lenders which claim they allow a HAFA (Home Affordable Foreclosure Alternative) Short Sale may pre-approve a listing price.